A common lifetime milestone many people try and achieve is becoming a homeowner, and we can’t blame them. After all, owning a home means a place to call your own, tons of space, and your backyard. The modern American dream certainly is worth making a reality. Here at Donohue Real Estate, we see this dream become a reality for many every single day. Regardless of what the housing market looks like, our team is constantly working with people on getting their dream home. While it may seem like the most common human goal because of the desire to have a big yard for children or pets to play in, or your pool to relax in, these reasons aren’t what makes being a homeowner so great. From ownership to tax benefits, and everything in between, owning a home is a lot more than just a pool. Keep reading to see why our team at Donohue Real Estate encourages homeownership for all.
When you turn 18 and venture out into the adult world you probably have no thoughts on your net worth. However, as you get older and start having the desire to own a home you probably start to think about net worth and home equity. Purchasing a home dramatically increases your net worth due to home equity from selling your home later on in life. As the years go by your home equity will be determined by how much the home is valued in the current market with any home loans subtracted from that number. Usually, the longer you own the home and the less money owed on it, the more value will be placed on your home.
One of the more underrated reasons to own a home is security. Most people tend to focus on the financial aspects; nonetheless, security is just as important if not more. Living in your own home comes with a certain sense of security and freedom that renting simply cannot give. For starters, it’s your home. Meaning that you are the one in charge of everything and can make your own decisions. When you are renting you have to abide by certain rules and standards. This means that no alterations to the property can be made, restricting you on truly making your home yours. You also have to wait on a landlord whenever you have any problems or questions. This is especially horrible if you are someone who likes to work around your schedule. With a home, you can have the security of knowing you are settled in a place you will most likely live in for the long term. This is the place you will call home for tens of years. You probably are settled in a job you love and are content with and are prepared to take some of the common next steps in life such as starting a family.
Being a homeowner means you get tax benefits that a renter could only dream of. You can now deduct most of your property taxes and interest payments. This is benefit homeowners can reap immediately, making homeownership that much sweeter. You also may be able to deduct state real estate taxes paid. If you are looking to purchase a home and are curious about what your potential tax benefits could look like, talk to our team at Donohue Real Estate. They can help you determine what your situation could look like with a home.
If you have been considering becoming a homeowner for a while now then what are you waiting for? Reach out to our team at Donohue Real Estate to learn some of the many perks of being a homeowner. While every individual situation varies, we can help you figure out what yours could look like. Even if you are on the fence about owning a home, knowing all of the information before making a decision will help immensely. Not only will you know all of the facts, but you also will be able to talk to an expert about your unique situation. To learn more about homeownership and Donohue Real Estate, give us a call today at (561) 838-9555. We are looking forward to helping you own your dream home!